In a timely reminder from the Internal Revenue Service (IRS), taxpayers, especially small business owners such as gig workers, sole proprietors, retirees, partners, and S corporation shareholders, are urged to ensure they meet the third quarter tax payment deadline of September 15, 2023.
Who Needs to Make Quarterly Payments?
Primarily, those not undergoing standard withholding need to be vigilant about these quarterly estimated tax payments. The IRS has specified two conditions to determine if you must make these payments:
- If you anticipate owing a minimum of $1,000 in taxes for 2023, post all tax credits and withholding deductions.
- Your withholdings and tax credits for 2023 are less than either 90% of your expected tax for 2023 or 100% of the tax reported on your complete 2022 return spanning 12 months.
Dispatches From The Front 